From: Jim [jimg410@yahoo.com]
Sent: Monday, May 10, 2004 1:06 PM
To: rule-comments@sec.gov
Subject: File No. S7-11-04

Jonathan G. Katz
Secretary, Securities and Exchange Commission
450 Fifth Street, NW
Washington, DC  20549-0609.  

Secretary Katz,

Please include me in opposition to the SEC's proposed rule mandating a 
redemption fee of 2% on the sale of mutual fund shares held for less than 5 
days. I would think this will be a windfall for the Mutual Fund industry and a 
cost or tax to the individual shareholder. 

I believe the reason your department has come up with this scheme is the after 
hours trading in mutual funds that was and is already illegal. Can't you just 
enforce existing law or can't (won't) you? 

I seems to me that when a problem occurs with not enforcing existing law, you 
in Washington find excuses to make matters worse by thinking up new laws that 
have the potential to do more harm than good. Please think further on this 
action. Most of the time it is better to just enforce what's on the books than 
doing something just to say you did do something. The former takes courage. 
The latter is the lazy way out. 

Jim Gissy







--------------------------------------------------------------------------------
Do you Yahoo!?
Win a $20,000 Career Makeover at Yahoo! HotJobs